FORGING AHEAD - Tradewinds Plantation Berhad
FORGING AHEAD - Tradewinds Plantation Berhad
FORGING AHEAD - Tradewinds Plantation Berhad
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AUTHORITY<br />
The Audit Committee shall have the following authority as<br />
empowered by the Board of Directors:-<br />
1. The authority to investigate any matters within its terms of<br />
reference.<br />
2. The resources which are required to perform its duties.<br />
3. Full and unrestricted access to any information and<br />
documents relevant to the Company’s activities.<br />
4. Direct communication channels with the external and<br />
internal auditors, and with the senior management of the<br />
Company.<br />
5. The ability to obtain external legal or independent<br />
professional or other advice.<br />
6. The ability to convene meetings with the external and<br />
internal auditors.<br />
FUNCTIONS<br />
70<br />
CORPORATE GOVERNANCE<br />
AUDIT COMMITTEE<br />
REPORT<br />
The Audit Committee shall undertake the following<br />
responsibilities and duties:-<br />
1. External Audit<br />
1.1 Consider and recommend the nomination and reappointment<br />
of the external auditors, the audit fee and<br />
any questions of resignation or dismissal.<br />
1.2 Review with the external auditors:-<br />
a) the scope and audit plan of the audit examination to<br />
ensure that adequate tests to verify the accounts and<br />
procedures of the Group will be performed and<br />
ensure coordination where more than one audit firm<br />
is involved;<br />
b) the evaluation of the effectiveness of internal control<br />
systems; and<br />
c) the audit reports.<br />
1.3 Review the assistance given by the employees to the<br />
external auditors.<br />
TRADEWINDS PLANTATION BERHAD<br />
Annual Report 2010<br />
1.4 Discuss problems and reservations arising from the audit,<br />
and any matters the auditors may wish to discuss (in the<br />
absence of management where necessary).<br />
2. Internal Audit<br />
2.1 Review the adequacy of the scope, functions and<br />
resources of the internal audit functions and that it has the<br />
necessary authority to carry out its work.<br />
2.2 Review the internal audit programme and results of the<br />
internal audit processes, and where necessary ensure<br />
that appropriate actions are taken on the recommendations<br />
of the internal audit function.<br />
3. Financial Reporting<br />
Review the unaudited quarterly results and year end<br />
financial statements, prior to the approval by the Board<br />
of Directors, focusing particularly on:-<br />
a) the nature and impact of any changes in or<br />
implementation of major accounting policy changes<br />
and practices;<br />
b) significant and unusual events;<br />
c) compliance with the financial reporting standards<br />
and other legal and regulatory requirements; and<br />
d) adequacy of accounting, financial and operating<br />
controls and to monitor the implementation of any<br />
recommendations made.<br />
4. Related Party Transactions<br />
To review any related party transactions and conflict of<br />
interest situation that may arise within the Company or<br />
Group including any transaction, procedure or course of<br />
conduct that raise questions of management integrity and<br />
the adequacy of the Group’s procedures for monitoring<br />
and reviewing of related party transactions.<br />
5. Risk Management<br />
Review the adequacy and effectiveness of risk<br />
management, internal control and governance systems<br />
instituted in the Group.